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1 China The Mystique Dragon Flying High Sunil R Parekh Senior Director Confederation of Indian Industry Ahmedabad

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Presentation on theme: "1 China The Mystique Dragon Flying High Sunil R Parekh Senior Director Confederation of Indian Industry Ahmedabad"— Presentation transcript:

1 1 China The Mystique Dragon Flying High Sunil R Parekh Senior Director Confederation of Indian Industry Ahmedabad Email : sunil.parekh@ciionline.orgsunil.parekh@ciionline.org parekh@icenet.net

2 2 China and India China India Population1.3 billion 1.0 billion Literacy83% 52% Life Expectancy70 years 61 years GDP ( $ trillion) 1 0.4 Composition of GDP Agriculture17%29% Industry50%20% Services33%51% Import (2000-01)$225 bl$ 39 bl Export (2000-01)$249 bl $ 45 b FDI ( 2001)$ 46 bl$ 3 bl

3 3 Key Components of Growth Growth through domestic demand Competitive Pressure following WTO membership Policy of 5 SEZ, 14 open city. East China attracts 85% of all FDI ( $ 500 bl) SOE revival Manufacturing accounts for 50% of GDP Savings rate @32%-40% 17% VAT & no other manufacturing tax, 33% corporate tax Easy access to capital @ 2.5% pa Electricity cost @ Rs 2.5/KWH avg, extraordinary infrastructure ( Roads, Ports, procedural efficiency) 250 of 500 Fortune 500 companies operating in East China within a decade

4 4 Map of China

5 5 Guangdong vis-à-vis Gujarat Fact SheetGuangdong (2000) Gujarat ( 2000) Area178,000 sq Km196,000 sq Km Population86 million52 million GDP$ 118 billion$ 25 billion Exports$ 93 billion$ 4 bl ( ex gems & jewellery) Imports$ 82 billion FI utilised$ 11 billion$ 0.5 bl

6 6 Other Progressive Provinces Fact Sheet (year 2000) JiangsuFujianShanghaiShandongBeijing Area102,600 Sq Km 121,700 Sq Km 6,340 Sq Km 156,700 Sq Km 16,800 Sq Km Population74 ml35 ml17 ml91 ml14 ml GDP$ 104.6 bl$ 48 bl$ 56 bl$ 104 bl$ 30 bl Exports$ 26 bl$ 14 bl$ 25 bl$ 16 bl$ 8 bl Imports$ 23 bl$ 9 bl$ 30 bl$ 12 bl$17 bl FI Utilised$ 6 bl$ 3 bl $ 2 bl

7 7 INDIA – CHINA TRADE YearImport from China Export to China 1999$ 1200 ml$ 800 bl 2000$ 1600 ml$ 1400 bl 2001$ 1900 ml$ 1700 bl Key items for export to China– Minerals, Textiles, Machinery, Chemicals, Plastic Key items for import from China– Organic Chemicals, Electrical Machinery, Mineral Fuel, Silk ( Balance of Trade in China’s favour)

8 8 India – Excessive services & too little industry, creating unbalance IndustryServicesGDP/cap ($) China49.3%33.0%769 Malaysia46.0%43.4%4526 Indonesia43.3%37.3%962 Thailand40.0%49.5%2717 Vietnam34.5%40.1%342 India26.3%46%450 A CII World Bank study - 2002

9 9 India – China ItemIndiaChina LabourLess productive Rigid laws More productive Flexible laws PowerRs. 4.50-5.50/KWHRs. 2.50-3.00/KWH Int. rate10-14%2.5% DecisionSlowVery Fast Roads30 hrs for 600 Km9 hrs for 600 Km Ports9 days2 days for turn around Raw material costHighLow Telecom167 th lines / month9 mn lines/ month Land costHighComparatively low Knowledge51% literacy rate Low Govt spending on higher education 80% literacy rate High Govt spending on Higher education Attitude to business Mixed. Low usage of IT Pro business. Thrust on use of IT

10 10 Manufacturing competitiveness

11 11 Hong Kong GDP $170 bl :-Service 90%, Industry 9.9%, Agriculture 0.1% Annual trade - $ 400 bl Trade with India – approx. $ 4 b (2001) Key Indian Exports – Pearls, precious & semi precious stones, textile yarns, leather, electrical machinery and equipments Key Indian Imports – silver & platinum, semi-conductors, telecom equipments, office equipments Immense potential for export of handicrafts, agriculture & fresh food products which can be further explored & tapped Immense scope in financial services of IT products est @ $ 2.8 bl/year. Total Domestic FS market is $ 8 bl Opportunity to invest in Cyber Port projects Excellent IPR regime Good Entry strategy for China

12 12 Overview of India - Hong Kong trade 199920002001 (Jan – Dec) Value GrowthValueGrowth India to Hong Kong ( $ ml) Exports2,2162,624+18.42290-12.7% Hong Kong to India ( $ ml) Domestic Exports 157172+9.9%59- 65.5% Re-Exports9431,122+19.0%1142+1.8% Total Exports1,0991,294+17.7%1202-7.1% Total Bilateral Trade ( $ ml) 3,3153,918+18.2%3,491-10.9% Trade Balance for India $ ml +1,117+1,330+1088

13 13 Policy

14 14 China - Achievements FDIs – House of 250 of 500 Fortune companies Infrastructure – World class infrastructure and excellent procedural efficiency A healthy and knowledge society Manufacturing hub of Asia and the world in the offing

15 15Approach Disinvestment of SOEs Extensive Government support to higher education & increasing the literacy rate Good health facilities Expanding market & integrating globally Competitive Business environment For jobs Creation of manufacturing hub Hegemony in the region By leveraging domestic demand Drivers of Policy Leadership in Asia Pacific region and Global To tackle unemployment & underemployment

16 16 Sustainability Issues Infrastructure development – 96% developmental spending with a long term vision by government Tax base – 15% of GDP, which can be doubled to earn greater revenue, after completion of incentives High savings rate of 32-40%, cushioning effect Economy growing fast – ensures return on high capital investment Labour component includes insurance premium

17 17 Taxation in China Income Tax The standard Foreign Enterprise Income Tax (FEIT) is 33% ( State tax 30% & LT 3%) The state tax of 30% can be reduced to 10%, 15% or 24%, if the enterprise is located in one of the specially designated zones and/or engaged in the relevant operations or projects The local tax of 3% may be waived or reduced by the local government. Value Added Tax (VAT) The standard VAT rate is 17%, but certain products are taxed at 13%, or are exempt. Small scale business, as defined by authorities, are taxed at 6% or 4%, without any entitlement to input VAT credits Business Tax ( Services) All entities and individuals who provide services (except for processing or repair services) or transfer intangible assets or immovable property in the PRC are subject to business tax, which ranges from 3% to 7%, while entertainment services attract business tax at 5% to 20%.

18 18Incentives A newly established Foreign Investment Enterprise (FIE) engaged in production activities with a scheduled operation period of not less than ten years, is entitled to a five year tax holiday They are entitled to full tax exemption for the first two profit making years and can enjoy a 50% tax reduction in the following three years A FIE exporting 70% or more of its total production may receive a further reduction in tax in that year after the end of the five year tax holiday, subject to a minimum state tax rate of 10% A FIE applying advanced technology may receive a 50% reduction in tax for a further three years following the five year tax holiday If a FIE directly reinvests its dividends in that enterprise or uses it to establish another FIE, it may receive a refund of 40% of the state income tax paid on the reinvested amount. It will be 100% if the enterprise is export oriented or technologically advanced Enterprises that acquire domestically sourced equipment may obtain an income tax credit of 40% of the cost of equipment

19 19 Other Regulations Organisations’ controls Foreign Investment Enterprises are required to submit recruitment plans to the local Organisation Bureau which then advise on the method of recruitment to be adopted Employment contracts & payment systems Foreign investment enterprises are required to sign employment contracts with their workers, which are then certified by the local Organisations Bureau. FIEs can pay their wages, bonuses and subsidies directly to their workers. Cost of Employment The minimum basic salary of PRC employees in foreign investment enterprises should 20% higher than that of comparable salaries in the state enterprises.

20 20 Areas open for Foreign Investment Special Economic Zones Estd in 1979. 5 SEZs- Shenzen, Zhuhai, Xiamen, Hainan, Shantou To encourage investment through specially centrally-approved investment incentives and preferential tax treatment with a reduced income tax rate of 15%. Open Coastal Cities Estd in 1984. 14 Open Costal Cities with autonomy in approving foreign investment projects and offering various investment incentives to attract foreign business, but not the autonomy or degree of preferential treatment is not of the extent granted to SEZs. Open Economic Zones Estd inn1985. Yangtze & Pearl River delta area, Southern Fujian, Shandong and Liaoning peninsula Incentives resemble those of the 14 Open Coastal Cities To encourage technology transfer, management reforms and production inputs between the coastal and interior regions

21 21 Areas open for Foreign Investment Economic & Technological Development Zones Estd in 1999. 30 PRC cities To encourage advanced industry through foreign participation. FIEs engaged in production enjoy a 15% income tax rate Pudong New Area Estd in 1990. Preferential incentives similar to SEZs are granted Developed as a banking and financial centre FIEs can do business in banking, insurance and retailing Foreign banks are allowed to conduct Renminbi business in certain selected service categories New & Hi-Technology Development Zones 50 Zones engaged in in high technology industries To promote industrilisation of technologies owned by regional universities & research institutes Reduced income tax rate of 15% for hi-tech enterprises

22 22 Areas open for Foreign Investment Bonded Zones & Export Processing Zones 15 Bonded Zones 15 Export processing Zones To encourage processing trade. They are special customs areas. Special foreign exchange and taxation policies are available Central & Western China To promote development of central & western region by developing the non-state sectors and township enterprises while invigorating the state sector, especially the military industry

23 23 Thank You

24 24 Opportunities for Gujarat Pharma Chemicals Textile Plastics Dairy & Dairy Products Silk Elect & Machinery Leather Jems & Diamond

25 25 India’s Trade with E China Region Name of the province Imports from India’99 ($mn ) Exports to India ’99 ($ mn) Imports from India ’00 ($ mn ) Exports to India ’00 ( $ mn) Shanghai43.753.5153.0181.8 Jiangsu45.9185.979.1233.0 Zhejiang349969.5160.6 Total123.6338.4301.61475.4

26 26 Key Sectors for Co-operation India’s Trade with Shanghai Export : Import Organic Chemicals - $ 31 ml Elect Mach & Eqip - $ 14ml Minerals - $ 51 ml Mineral Fuel & Oil - $ 13 ml Textile - $ 14 ml Boiler & Machinery - $ 10ml Plastics - $ 6.3 ml Textiles - $ 3 ml Marine Products - $ 10.2 A Diamond trading center to be opened India’s Trade with Zhejiang Export : Import Caprolactum - $14 ml Cotton yarn & fabrics - $ 22.4ml Chrome ore - $ 8.8 ml Raw silk - $12 ml Marine Product - $ 8 ml Pharmaceuticals - $ 7 ml Cotton Yarn - $ 12 ml Dye Stuff - $ 6 ml Plastic raw material - $ 5 ml

27 27 India’s Export to China Product CategoryValue during Jan–Dec 2001 Minerals546 Organic & Inorganic Chemicals169 Textiles & raw materials189 Plastic166 Salt, Sulphur, Earth, Stone96 Precious stone83 Fish & Sea Food78 Iron & Steel64 Machinery49 Leather39 Mineral Fuel, Oil37 Optical & Medical Inst26 Total1542(rounded up) ( $ mn)

28 28 India’s Imports from China Product CategoryValue during Jan-Dec 2001 Organic Chemicals379 Mineral Fuel, Oil etc269 Electrical machinery250 Silk, Silk Yarn, Fabric181 Other Machinery157 Salt, Sulphur, Earth, Stone71 Inorganic Chem, Rare Earth Material63 Optical, Medical Instruments49 Impregnated Textile fabrics42 Tanning, Dye, Paint, Putty35 Precious Stones, Metals34 Iron, Steel Products29 Glass & Glassware20 Furniture & Bedding17 Total1596 (rounded up) ( $ ml)

29 29 Total Chemical imports by China in the year 1999 was around $12 bl Indian exports to China in the year 2000 was around US$ 0.2 bl China’s export to chemicals to India in the year 2000 was around US$ 0.4 bl Vam Organic & Kanoria Chemicals both have established registered office in Shanghai Ranbaxy & Dr Reddy’s Laboratories both have registered their presence in the form of production joint ventures with local Chinese companies in Guangzhou & Kunshan. Opportunities in Chemical Industry

30 30 Opportunities in Chemical Industry Contd.. Name of the Commodity India’s Export to China ($ mn, 1999) China’s total import ($ mn, 1999) Organic Chemicals1005500 Inorganic Chemicals241000 Dyestuffs4286 Pigments1402 Coatings1655 Pesticides4243

31 31 Chinese Dairy industry is at a nascent stage of development Domestic need is met through imports Immense opportunity for Indian dairy industry to export Countries exporting Dairy products to China: New Zealand ( Powdered milk) USA (Whey) Australia ( Fluid milk) Malaysia, Finland, France & Canada Hong Kong re-exports dairy products to China India has a negligible presence Opportunities in Dairy Industry

32 32 Opportunities in Dairy Industry contd… Import of Dairy products by China Year199819992002 Value$85 ml$158ml$750ml (est) Category wise imports, 1999 ProductsVol.(Mt T)Value ($ml)Share (%) Fluid Milk1494196 Powdered milk & cream 584008252 Whey & related prod. 832285837 Butter & related prod 327563 Cheese & related prod 118232

33 33 Indian Commercial Presence in East China Dr Reddy’s Laboratory Kanoria Petrochemicals Ltd NIIT Raymond Aptech United Phosphorus Ltd Satyam Computers Ltd Vaishali Petrochemicals TCS Arobindo Pharma Vam Organic Pan Product Impex Pvt Ltd Bry Air Sundaram Fastners Ltd State Bank of India TI Cycles Ltd Orind Refractories Ranbaxy Essel Packaging Infosys Ltd

34 34 Challenges and Opportunities in China’s IT market 2002

35 35 Sales Amount (Hundred Million RMB) Growth Rate (%) Growth of China’s IT Market 1997-2000

36 36 Drivers of IT Growth in China Competitive pressure following WTO membership Product differentiation by Hardware manufacturers Explicit Government support for progress through use of IT in society Major e-governance initiatives including Sowant (SMEs), Social Insurance, The Golden Bridge Project, The Golden Taxation Project, The Golden Health Project Thrust on development of IT as a business Convergence and cost benefits SOE revival Sector Demand : Banking, Telecom, Security, Corporates, IT education, System Integration, Energy Transport & Logistics

37 37 Year 2000Year 2001Year 2002 CategorySale Amount (US$) Growth Rate (%) Sale Amount (US$) Growth Rate (%) Sale Amount (US$) Growth Rate (%) Hardware$19.4b22.6$22.0b13.5$26.05b18.5 Software$2.78b30.7$ 3.5b23.9$4.32b25.3 Information Service $3.87b34.2$ 4.8b25.5$6.10b25.4 Total $26.03b 25 $30.3b 16.4 $36.48 20.4 Structure & Increase of China’s IT Market 2000-01

38 38 Development in China’s Software Market 1999-2001 Year199920002001 Software Sales Total$2.1b$2.8b$3.5b Increase27.5%30.7%23.9% Software CategorySoftware Sales Total Increase (%) Platform Software$1.1b16.4 Intermediate Software$0.2b59.6 Application Software$2.2b25.3 Total$3.5b23.9 Development in China’s Software Market 2001

39 39 Human Capital in China 2,00,000 – 3,00,000 people employed in software companies; High demand Supply gap – supply: 50,000 & Demand: 3,50,000 ( Gartner) Most IT professionals are comfortable in reading & writing English, but not in spoken English. About 20 million people undergoing English language training Severe shortage of experience IT professionals, especially project managers. They are currently recruited from Hong Kong & Australia Making a quantum jump in gearing students with IT & English in over last 2&1/2 years. Universities are encouraged to strike R&D alliance with leading International companies and academia Generates 50-60 thousand IT engineers every year

40 40 Labor Costs Salaries of software professionals Rs./MonthXianBeijingDalianShanghai Entry LevelRs. 15,000Rs. 24,000Rs. 15,000Rs. 24,000 Entry Level from top Univ Rs. 24,000Rs. 36,000n.a.Rs.42,000 3-5 yrs ExpRs. 35,000Rs. 48,000Rs. 33,000Rs. 48,000

41 41 Cost of Doing Business XianBeijingDalianShanghai Rental in S/W Park Rs./sqmt./month Rs.216n.a.Rs. 324Rs. 252 Telecom leased circuit (2Mbps, $p.a) $ 1,12,000 approx House property cost (ownership Rs./sqmt) 10,8000- 21,000 18,000- 1,08,000 12,000- 30,000 21,000- 1,50,000 Electricity costs (commercial) Rs. 2.5 per KWH

42 42 Telecom boom Year(2001)Growth rate Mobile phones145ml60ml/yr Fixed Lines179ml 9ml lines/month PDAs na 3ml/year Investment - US$ 24b in year 2000 & US$ 31b in year 2001 Internet - 33 ml users * by year 2004 with an average growth rate of 54% PC population est 16 ml growing @ 11ml/year, (Domestic 3 ml/ yr) Opportunities in Technology Development, Software & Services. Opportunities with China

43 43 Opportunities with China contd… Banking & Financial Service Huge opportunities with an economy size of $1.04tl in- Security products Banking products Support services To bring in large scale effectiveness in Database Management, Transaction and Credit Control All banks are SOEs and supplies are from mlCs.

44 44 Opportunities with China contd… Management Solutions 11 ml business establishments – SOEs & MNCs Competitive Pressure Huge market for product of Logistics & SMEs IT Training & Education Education Software accounts for 10-15% of total software sales Edu S/W accounts for mearly half of all software sales in the major urban centres ( eg, Beijing, Guangzhou) Increasing number of students in higher education Estimated 200 million English learners

45 45 Opportunities with China contd… Penetration into Japan & SE Asia E-Governance initiatives & Golden projects IT services : System Integration ($ 3bl) IT consultants Outsourcing, maintenance support Broad Band content development : 2 Mb/desktop (E China) Entertainment Commerce Communication Transaction Infrastructure provider LAN (1.4ml) & WAN (0.45ml) Basic Fiber Provider Gateways Major collaborative arrangement for Content Development for Bandwidth (Transaction, Entertainment & Commerce)

46 46 Opportunities with China contd… Investment in Domestic Market Competitive SI vendor in Public Sector LAS CS&S eBIS Taiji Powerise Nantian Newsky AsianInfo Computer & Technologies Golden Projects Golden Bridge – national public economic information network Golden Custom – foreign trade & economic information system Golden Card – automatic payment system and electronic currency engineering Golden Taxation – electronic taxation system Golden Agriculture – integrated management & information service system Golden Enterprises – enterprise production and logistics information service system Golden Intelligence – research and education computer network and human resource engineering Golden Macro – national macro-economics decision support system Golden Information – national statistics information engineering Golden Hygiene – national medical information network

47 47 Opportunities with China contd… Hardware & Chip Design Manufacturing from Korea and Taiwan getting into Pudong In collaboration with MNCs and their R&D laboratories Embedded Technology for – intelligent appliances eg Haier Online industry automations Bring their Hardware manufacturers into India

48 48 Broad Strategy Doing business with China It is important to engage with China & integrate with it through - –Cooperation- Competition –Mutual Investments Long-term approach Investment in relationship & establishment of Goodwill Master the language for communication, IT products Strategy for protecting domain knowledge CompetitivenessChina – India Comparison Wage StructureComparable at Junior Level India - Advantage at senior Level Education LevelComparable at Junior Level India - Advantage at senior Level English Language & Ability to Programme India - Advantage

49 49 Strategy Options Telecom/Banking institutions – Joint Ventures with mlCs/ Local Giants SMEs and Domestic Corporations - wholly owned subsidiaries with local Management E-governance projects – Joint Venture with companies led by Chinese SOEs/ Hardware companies/ Software companies/Beijing University/Software & Hitech Parks/ Provincial Governments IT education –Universities/Colleges/Software Technology Development Parks/Franchisee (Problem of Piracy)

50 50 Potential leading IT Partners SoftwareHardwareCommunication NEU-SoftLegendChina Telecom, Founder Electronics FounderChina Mobile CS&SGreat Wall Computer Group China Railway Telecom KingdeeKankaChina Unicom UFSoftHauweiJitong KingsoftZTE TechnologiesCNC

51 51 Possible location Pudong – Chip Design Shenzen – Corporate solution Beijing – Banking / Finance / Telecom / Security Shanghai – SMEs, Management Software Universities – IT Education & Training Dalian, Xian – Hitech industries

52 52 Investor Friendly Policies Entitlement to a rebate on value added tax on inputs – effective VAT rate 3% Two year holiday on enterprise income tax followed by three years of tax at half the normal rate Duty free import for computer equipment software. Easy access to export credit Travel restrictions eased for Chinese firms to send staff abroad for training $ 120 ml venture capital established by ministry of Information industry Low power cost at Rs.2.5/KWH Flexible labour law

53 53 Thorns under the bed of Roses Chinese lag far behind Indian firms in their customer-service ethic and understanding of foreign clients Concentration in domestic market has a disadvantage of being late-starters to capture the overseas & export market Piracy - China suffers from a high piracy rate of 91%, which is an important psychological barrier. India has successfully tackled piracy. China is many years away from developing the marketing skills required to sell packaged software abroad.

54 54 Publications on “Doing Business in China” Trading and Investment Locations in East China General Handbook of Information Export Strategy for the China market The pharmaceuticals market The economic environment The Dairy industry market Chemicals industry & market

55 55 Important Chinese Contacts Shanghai Municipal Foreign Economic Relations & Trade Commission (SMFERTC) Room No 2207, New Town Mansion #55, Lou Shan Guan Road, Shanghai- 200335 (PRC) Tel : 86 21 62752200 Extn: 216 Fax: 86 21 62751919 Contact Ms Zhou Li Ying, Director (FAO) China Council for Promotion of International Trade (CCPIT) (Shanghai Branch), # 28, Jin Lin Xi Lu, Shanghai – 200021 (PRC) Tel : 86 21 63865572 Fax: 86 2163869915 Contact: Mr Robert Zhao, Chief Liaison Officer China Council for Promotion of International Trade (CCPIT) (Pudong Branch) #135, Dong Fang Road, Shanghai – 200120 Tel : 86 21 50810960/ 50812666 / 50811575 Fax: 86 2150815423 Mobile 13801669814 Email: ccpitd@online.sh.cn ccpitd@online.sh.cn Contact: Mr Zhao Feng, Liaison & Investment Dept Shanghai Federation of Industry & Commerce (SFI&C) Shanghai Chamber of Commerce 17-F, #55, Yan An East Road, Shanghai 200002 (PRC) Tel : 86 21 63373169/ (D) 63373417 Fax:86 21 63373416 Contact: Ms Fan Tian Ping, Chief Liaison Dept Email: sficld@online.sh.cn

56 56 Important Chinese Contacts Foreign Affairs Office, ShanghaiMunicipal People’s Government # People’s Mansion, 200, People’s Avenue (at People’s Square) Tel: 86 21 62552103 Fax: 86 21 62552102 Contact: Mr Fan Yufei Foreign Affairs Office, Shanghai Municipal People’s Government (Party Guest Division) 1418 Nanjing Xi Lu, Shanghai (PRC) Tel : 86 21 62565900 (D) 62158270 Contact: Ms Yin Hui, Party Guest Division Foreign Affairs Office, Shanghai Municipal People’s Government, Protocol Division # 1418 Nanjing West Road, Shanghai (PRC) 200040 Tel: 86 21 62561033/62565900 Fax: 86 21 62530127 Mobile: 1390708806 Contact : Mr Jin Yi China Council for Promotion of International Trade (CCPIT) (Jiangsu Branch), # 29, Beijing Dong Lu, Jiangsu – 210008 (PRC) Tel : 86 21 2258414 Fax: 86 25 2233048 Contact: Ms Qiu Xiao Ping, Liaison Dept China Council for Promotion of International Trade (CCPIT) (Zejiang Branch) # 470, Yan An Lu, Zhejiang – 310006 (PRC) Tel : 86 571 5063262 Fax: 86 571 5150098 Email: ccpitzj@public.hz.zj.cnccpitzj@public.hz.zj.cn Contact: Mr Wang Yu Fu, Chief Liaison Dept Shanghai Municipal People’s Congress # People’s Mansion 200, People’s Avenue (at People’s Square) Tel : 86 21 63119149 Fax: 86 2163586540 Contact: Ms Wu Wen (Mobile:13004174154 Ms Ma Yue (Pager: 128x512231)


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